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Tyler Durden, Zerohedge, Quant Giant RenTec Has Best Month Ever In October Thanks To… Shorts, here.
For all purists still stuck in a world in which humans are the most efficient allocators of capital, and where, under Ben Bernanke’s centrally-planned New Normal, shorting stocks has become blasphemy, the following table showing the monthly return of quant giant RenTec’s chief equity fund open to the outside world, the Renaissance Institutional Equities Fund (RIEF B), whose AUM has ballooned to $8.7 billion in the past few years, will come as a shock. Because the quant strategy-driven fund, which does not look at fundamentals but purely at technical relationships and quant arbs, just posted its best month in history in October returning 8.65% nearly doubling the 4.60% return of the broader market.
Rob Wile, BI, What Farmers Think About Climate Change In One Great Quote, here.
Coincidentally, the New Yorker published Michael Specter’s in-depth profile of the company a week after the purchase was announced.
The whole piece is worth reading, but one line stuck out to us. You’ll recall that last year the U.S. saw one of the worst droughts on record. Although scientists have actually yet to find direct evidence that last year’s epic drought resulted from climate change, the fact in the span of two years America’s breadbasket saw one of the worst-ever harvests immediately followed by one of th best-ever has hurt farmers’ bottom lines. (Of course, it also likely helped boost Climate Corporation’s value.)
Here is what Climate Corporation founder Dave Friedberg said about how most farmers view climate change (emphasis ours):
“You don’t need to talk about climate change per se…Statistically, you are looking at a series of numbers. If it were a roulette wheel, you could say, ‘It’s coming up black more and more frequently.’ Can I attribute that to black being overweighted by the croupier? Or to the pit boss, or the machine being broken? It doesn’t matter. Some people will argue that ice ages have waxed and waned for tens of millennia and that this is part of a natural cycle. That doesn’t change the fact that black is coming up more frequently and you will get less out of an acre of corn than you used to. The price for that land simply cannot be justified by the income it can generate.”
The Climate Corporation, here. They are smart – we are so not worthy.
Peter Honeyman, recently read, here. Doesn’t read about Vietnam so much anymore.
Bargs and Chandler sort of killing it, Patrick Beverley not so much, but his burn with McHale seems stable. Watch Anderson tonight to see if he can back up his 36pt outburst in Philly. The only competition for his burn is Jason Richardson.
Matt Levine, Bloomberg, Rabobank Had to Make Money Somehow (by Manipulating Libor), here. Have we talked about how dangerous data is to your career?
Rabobank Groep announced today that it is settling a bunch of investigations with a bunch of regulators over its manipulation of the London interbank offered rate, which is a thing that happens sometimes to European banks. The etiquette now is that I go through the documents and pick out some funny quotes, and while Rabo’s Libor manipulators were maybe more buttoned-down than some of their competitors, they still got the job done:
Mark Anderson, IEEE Spectrum, Software Controls Cache Memory to Speed CPUs, here. Your code is going to get Messy.
A new process for managing the fast-access memory inside a CPU has led to as much as a twofold speedup and to energy-use reductions of up to 72 percent. According to its designers, realizing such stunning gains requires a big shift in what part of the computer controls this crucial memory: Right now that control is hard-wired into the CPU’s circuitry, but the substantial speedup came when the designers let the operating system handle things instead.
Rotoworld, Latest News, Patrick Beverley | Guard, here. Shawne WIlliams crashed and burned last night in the LAL LAC game, so since we picked him off the waiver wire for Dalembert, we are a little sad. DWade kind of sucked for 36 minutes in the Bulls game considering we spent something like 22USD to draft him, but Patrick Beverley. Norris Cole broke DRose’s ankle badly in the first half – made DRose looks like Stevie Nash on the D. DRose looks like a sell high target.
Patrick Beverley has beaten out Jeremy Lin for the Rockets’ starting point guard job, according to Rockets forward Chandler Parsons.
It’s interesting to note that Parsons is apparently moonlighting as a newsbreaker, but Lin looks to be relegated to a bench role as long as this report holds true. Lin should still hold fantasy value in a sixth man-type role, but the news of Beverley starting should have owners running to grab him.
Alex Tabarrok, Marginal Revolution, Banksy Comments on the Nobel Prize? here.
Mashable: Street artist Banksy set up a stall in New York’s Central Park Saturday, selling his original pieces — worth tens of thousands of dollars each — for $60.
The event was documented on video and posted on Banksy’s website. It took several hours for the first artwork to be sold, to a lady who managed to negotiate a 50% discount for two small canvases. There were only two more buyers, and by 6 p.m. the stall was closed with total earnings of $420.
For comparison, in 2007 Banksy’s work “Space Girl & Bird” was purchased for $578,000, and in 2008 his canvas “Keep it Spotless” was sold for $1,870,000.
What would Fama, Shiller and Hansen say about these asset prices?
Dawn Kopecki, Bloomberg, JPMorgan’s Dimon Posts First Loss on $7.2 Billion Legal Cost, here. Fixed Income revenue down 8 percent in the quarter where rates spike, maybe no so bad. Maybe it’s just Jefferies and Citi Fixed Income slipping under the waves. Wells Fargo numbers aren’t that bad. Tyler Durden is going to have to find a way to spin this dire, to hide his fixed income is melting call. Apparently comp is gonna be bad, here. Maybe Durden should hook up with Meredith Witney’s fund.
btw where is Matt Levine? Who takes vacation in October?
Revenue at the corporate and investment-banking unit, run by Daniel Pinto and Michael Cavanagh, declined 2 percent to $8.19 billion.
Trading revenue fell 2 percent to $4.69 billion in the third quarter, the bank said. Fixed-income trading revenue declined 8 percent to $3.44 billion from a year earlier. Equity trading revenue rose 20 percent to $1.25 billion.
Susan Karlin, IEEE Spectrum, Personal Drones Fly Above Burning man, here.
This year, the hot technology was personal drones—remote-controlled unmanned aerial vehicles, or UAVs. The craft, which included fixed-wing planes and multicopters, were typically equipped with stabilizers, GPS, and first-person view systems. These enabled precision maneuvering while allowing the operator to see from the UAV’s point of view.
Green et.al., Google, US Patent & Trademark Office, Tracking and Managing Group Expenditures, here.
A group including plurality of users is established. A transaction record is maintained for the group that includes a plurality of payment transactions. Each of the plurality of payment transactions involves at least one user of the group. Additionally, a balance is maintained that indicates an amount owed by a first user of the group to a second user of the group based on one or more of the plurality of payment transactions. When a settling event occurs, the balance is settled by initiating a transfer of funds between the first user and the second user.
Maloney & Porcelli’s, Expense-A-Steak Headquarters, here. Expense Receipt Generator. Prior art for the Google patent on splitting the tab.
Thoreau, Unqualified Offerings, All in all i”m just another brick in the wall, here. Posting and complaining about shitty code since 2001.
Here’s where I tell kids that if they don’t eat their meat they can’t have any pudding.
There’s a certain genre of article on “Why Higher Ed Needs To Be Transformed” that features somebody, usually from an affluent background, explaining that college was too constraining, and they’d rather spend those 4 years on a mixture of travel, internships, one or two night classes, and supplemental learning from TED talks and whatnot. Usually this person had the intellect, advantages, and social capital to get into an elite college, and then dropped out because their fancy liberal arts college was insufficiently conducive to their self-discovery and goals. Some of them are probably flakes, but some are apparently genuine go-getters who should be out there starting their careers. So, what do I think they should do?
Tim Flannery, NYR, They’re Taking Over, here. Jelly horror stories.
It’s now known that the brush of a single tentacle is enough to induce “Irukandji syndrome.” It sets in twenty to thirty minutes after a sting so minor it leaves no mark, and is often not even felt. Pain is initially focused in the lower back. Soon the entire lumbar region is gripped by debilitating cramps and pounding pain—as if someone is taking a baseball bat to your kidneys. Then comes the nausea and vomiting, which continues every minute or so for around twelve hours. Shooting spasms grip the arms and legs, blood pressure escalates, breathing becomes difficult, and the skin begins to creep, as if worms are burrowing through it. Victims are often gripped with a sense of “impending doom” and in their despair beg their doctors to put them out of their misery.
On July 27, 2006, the USS Ronald Reagan, then the most modern aircraft carrier in existence, was docked in the port of Brisbane, Australia. New Zealand had earlier banned the entry of nuclear-powered ships, and many Australians felt it might be prudent to follow their lead. So when the commander of US Naval Air Forces announced that an “acute case of fouling” had afflicted the giant vessel, people took notice. Thousands of jellyfish had been sucked into the cooling system of the ship’s nuclear power plant, forcing the closure of full onboard capabilities. Newspapers ran the headline “Jellyfish Take on US Warship.” Local fire crews were placed on standby, and the citizens of Brisbane held their collective breaths as the battle between the navy and the jellyfish raged. In the end, they proved too formidable, and the ship was forced out of port.
Barry Ritholtz, The Big Picture, Government Caught Lying About Spying Again, here. On the other hand, the NSA could be driving up the Pink I and The Big Picture google pagerank, so there’s that. We need all the clicks we can get. Moreover, probably half of the 12 Monkeys (the guys that write the HFT Analytics code aka Pink I target audience) have worked for the NSA back in day. Click hard NSA boys, click hard.
Brad DeLong, Grasping Reality, Tom Scocca: This Free-Running War Robot Is Not Designed To Harm Humans Yet: Noted. here.
Also, the robots that kill jellyfish use spinning fan blades to chop up the soft bodies of the lifeforms they pursue in the water. Spinning fan blades would be completely impracticable for the killing of terrestrial lifeforms, particularly lifeforms with internal skeletal structure, such as humans…. The present version of the WildCat carries a large and heavy motor to operate its limbs, which limits its speed and agility… [to] 16 miles per hour…. Three recorded human specimens have sustained a speed greater than 16 miles per hour over the distance of an entire mile. If the WildCat were for some reason asked to pursue these humans, it would need to run for a full four or five minutes before it could overtake them.